Korean low-cost air carrier T’way Air posted a record-high operating profit of 25.9 billion won ($23.3 million) in the third quarter of this year, a 56 percent increase on-year, the company said Wednesday.

The air carrier’s sales in the same period also reached 165 billion won, a 42 percent increase from a year ago, it added.

(T'way Air)

In the last three quarters, T’way Air saw combined sales of 426 billion won, up 50 percent on-year, with 46 billion won of operating profit, a 156 percent increase.

As of September this year, the air carrier had transported 2.3 million international passengers, becoming Korea’s third-largest budget carrier in terms of international passengers.

The budget airline aims to complete an initial public offering by 2018, the company added.